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January 26, 2025 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Gasoline Stations With Convenience Stores Loan | ||||
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Getting an SBA Loan in Cleveland, Ohio
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Cleveland, Ohio Entrepreneur Gets a Small Business LoanBank loans in Ohio are are few and far betweeen these days. We take a look at one Ohio bank loan, provided by a New Jersey bank, that was approved by the SBA. By giving the right information to Cit Small Business Lending Corp, this Cleveland, Ohio business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This small business loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA delivers a rapid loan approval or denial response. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 8/24/2001 Loan Approval Gross Amount $711,000 Loan Approval from the SBA Of the total $711,000 loan amount, the SBA guaranteed $533,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Obtaining Funding From a Venture Capitalist SBA Participating Banks in Livingston, New Jersey
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